Cameo Resources Corp.: Submits Exploration Permit For Cobalt Project
VANCOUVER, British Columbia, March 20, 2018 (GLOBE NEWSWIRE) -- Cameo Resources Corp. (TSX Venture:CRU) (OTC:CRUUF) (FWB:SY7D) (the "Company" or "Cameo Resources") is pleased to announce it has submitted an exploration permit application to the Saskatchewan Ministry of Environment to carry out certain exploration activities on the newly acquired Gochager Lake Copper-Cobalt-Nickel project. Once the applicable exploration permit is approved, the Company will immediately relocate a drill rig to the property and begin with the spring exploration campaign.
Consulting geologist Ian Fraser states, "The issuance of the exploration permit will allow for immediate mobilization of the drill rig onto the Gochager Lake property. The drill rig is strategically located near Missinipe; the hamlet of Missinipe is approximately 20km from the property. The drill rig will be flown to the property by helicopter. Once on site, twinning of historical drill holes can begin. The proximity of the drill rig to the property and available support will make for easy logistics and mobilization."
Gochager Lake Copper-Cobalt-Nickel Project
The project, which consists of four claims covering 3,759 hectares, is located in northern Saskatchewan approximately 75 km north of the town of La Ronge. Historical exploration has identified a semi-massive and massive Ni-Cu deposit with significantly elevated levels of Cobalt, a vital component in the manufacture of the latest generation of lithium ion batteries.
The Gochager Lake Copper-Cobalt-Nickel project has reported grades of up to 3.92% Nickel, 0.70% Copper and 2.86% Cobalt as reported by the Saskatchewan government (Mineral Deposit Index #0880). Historical resource estimates (non-NI43-101 compliant) were generated in 1968 and 1990. The 1968 historic resource for the Gochager Lake deposit calculated 4.3 million tons grading 0.30% Ni and 0.08% Cu. J.S. Steel reported in 1990 that vertical and longitudinal sections were constructed from the existing data and a historic resource with reasonably well-defined limits was defined containing 1,770,000 tonnes at 0.735% nickel-equivalent.
Ian Fraser, BSc., P.Geo., is a qualified person as defined in National Instrument 43-101. He has reviewed and is responsible for the technical information presented in this news release.
CAMEO RESOURCES CORP.
"Akash Patel"
Akash Patel
President
For further information, please contact
Akash Patel
President
604-446-6440
Email: [email protected]
www.cameoresources.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
News published on and distributed by:
